2. Mortgage options: Choose between repayment or interest-only. If opting for interest-only, you must sort out a repayment scheme such as an Isa or endowment.

3 . Mortgage type: Fixed, capped, discount, tracker or variable? Trackers move rates down (and up) in line with base rate. Fixes make sense on very big loans, where rate rises would hurt the borrower.

4. Find a house/make an offer: Currently the typical offer is 5%-10% below the asking price.

5. Do a survey and valuation: find a surveyor at rics.org.uk or call RICS on: 0870-333-1600. Three levels of surveys. Basic is a simple valuation survey, paid by the lender. The homebuyer's report : a surveyor reports on property's defects. Typical cost £250. A full survey covers everything in the homebuyer's survey but in more depth. Typical cost £450.

6. Appoint a solicitor: The Law Society's Records Office: 0870-606-6575 or at solicitors-online.com. Ask for a breakdown of costs before you appoint one.

7. Your offer is accepted: The house will be sold "subject to contract". You may have to pay a deposit. This stage is not legally binding.

8. Complete your mortgage application: Check out our best buys for the right deal.

9. Contracts exchanged: A contract legally commits you to the purchase. The seller signs an identical one; these are then swapped. You have to pay a deposit at this stage.

10. Completion: The balance is paid to the seller's solicitor in return for the house's title deeds.